Ah, Bitcoin! The digital currency that has more ups and downs than a rollercoaster at a theme park. As we gear up for the Bitcoin 2025 Conference in the dazzling lights of Las Vegas on May 27, traders are buzzing with excitement. Will it hit that elusive all-time high of $135,000? Or will it take a nosedive to the dreaded $100K? 🎢💰
Enter our hero, analyst CrypNuevo, who warns that if Bitcoin loses a critical support level, we might just witness a dramatic plunge. It’s like watching a tightrope walker without a safety net—thrilling and terrifying all at once!
Retesting Support: A Bullish Flip in Action
According to CrypNuevo, Bitcoin has managed to flip a former resistance level into support. This is a fancy term in technical analysis known as an R/S (resistance/support) flip. Sounds like a dance move, doesn’t it? 💃
This maneuver is crucial because if Bitcoin can hold this level, it might just keep the bullish momentum alive. If it stays above this level in the coming days, we could be looking at a climb that would make even mountain goats envious.
Meanwhile, the ever-optimistic crypto expert Wise Advice suggests that if Bitcoin follows the money supply (M2)—which sounds like a secret agent code—it could rise by about 24%, reaching that tantalizing $135K by July. Fingers crossed! 🤞
Liquidation Zones Hint at $115K Target
Now, if we zoom out a bit, CrypNuevo points out a cluster of liquidations between $112K and $114K. These zones are like magnets for price movement, especially since they hover above Bitcoin’s recent highs. It’s like a party where everyone wants to be, and if Bitcoin can break through this zone, we might just see it leap to $115K—a shiny new all-time high!
This level also coincides with where many traders’ long leveraged positions could be forced to close, which might just add a little rocket fuel to the price jump. 🚀
Key Support Test Around $106K
However, the short-term picture is a bit more complicated. There’s some liquidation pressure around $105,700, suggesting that the price may dip and retest support near $106,000. If Bitcoin can hold that level, it could offer a fresh and more favorable entry point for traders. Think of it as a clearance sale—who doesn’t love a good bargain?
But beware! If $106K fails, we could be staring down the barrel of the psychological $100K level. CrypNuevo notes that this dip could rattle the weak hands but might also attract long-term buyers. It’s like a game of musical chairs, and you don’t want to be the one left standing when the music stops!
As of now, Bitcoin is trading around $109,700, reflecting a slight rise in the last 24 hours, with a market cap hitting a staggering $2.18 trillion. Just another day in the life of the world’s most famous cryptocurrency!
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2025-05-27 15:58